MPH Ventures Corp.
TSX VENTURE : MPS

MPH Ventures Corp.

October 18, 2007 14:22 ET

MPH Ventures Corp.: Offer Made to Remaining Minority Shareholders of Pidgeon Molybdenum Mines Limited

Non-Brokered Private Placement Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) - MPH Ventures Corp. (TSX VENTURE:MPS) (the "Company") announces that further to its news release of October 17, 2007, the Company will make an offer to the remaining minority shareholders of Pidgeon Molybdenum Mines Limited ("PMML") to acquire all of their shares for an aggregate purchase price of $36,646.26. The minority shareholders hold a 6.55% interest in PMML.

MPH Ventures announced on October 17th, that the Company has amended the terms of its agreement with Rio Algom Limited, a wholly-owned subsidiary of BHP Billiton Ltd. and Goldcorp Inc. for the acquisition by MPH Ventures of 93.45% of the outstanding shares of Pidgeon Molybdenum Mines Limited ("PMML").

Under the terms of the amended agreement, MPH Ventures has agreed to purchase all existing shares of PMML held by BHP Billiton and Goldcorp for the sums of $353,290.47 and $103,216.14 respectively. The Company also agrees to make a payment of $93,493.39 to BHP Billiton in respect of existing debt owed by PMML to Rio Algom.

The transaction is subject to TSX Venture Exchange acceptance with closing scheduled for October 31, 2007.

PMML holds a 100% interest in 210 hectares of mining claims under the name "Pidgeon Molybdenum Deposit". The Pidgeon Molybdenum Deposit is located approximately 50 kilometres east from the city of Dryden, District of Kenora, Northwestern Ontario.

Pidgeon Molybdenum Deposit Claims Map:

http://www.mphventurescorp.com/i/maps/MPS-ON-Pidgeon-area-map.gif

MPH Ventures also announces it has arranged a non-brokered private placement of up to 4,000,000 units at a price of $0.20 per unit. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase an additional common share of the Company at an exercise price of $0.27 per common share during the first year and at a price of $0.30 during the second year.

The Company intends to utilize the proceeds of the private placement for general working capital and exploration expenses with respect to its Pidgeon Molybdenum Deposit project.

MPH Ventures Corp. is a gold, silver, and molybdenum exploration company focused on mineral development within Canada and Latin America.

For further information on MPH Ventures Corp. (TSX VENTURE:MPS) visit the Company's web site at www.mphventurescorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • MPH Ventures Corp.
    James G. Pettit
    President
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    or
    MPH Ventures Corp.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@mphventurescorp.com
    Website: www.mphventurescorp.com